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| - Tokyo shares opened higher Monday as investors looked for bargains before corporate earnings announcements begin later this week. The benchmark Nikkei 225 index rose 0.27 percent, or 60.52 points, to 22,756.94, while the broader Topix index rose 0.22 percent, or 3.48 points, to 1,577.33. The Nikkei is on a steady upswing without showing signs of overheating, and investors are picking up undervalued shares that show long-term promise, Okasan Online Securities said in a note to clients. "The market's appetite to search for and select (promising shares) should provide support for the market this week," Okasan said. "From this week, corporate earnings will start to come out in Japan and abroad. If investors welcome strong earnings, the Nikkei may attempt the 24,000 level through the summer." Hopes for the successful development of coronavirus vaccines had temporarily boosted Japanese shares, but a sense of caution held back investors from buying further above the current range, the brokerage said. Shortly before the opening bell, Japan's finance ministry said the nation's exports fell 26.2 percent and imports dropped 14.4 percent in June from a year ago, as the pandemic continues to discourage business activity around the world. Auto and auto parts exports led the falls in overall exports, while imports were hit by reduced oil and automobile inflows. It meant Japan saw its third straightly monthly trade deficit, this time worth 268.8 billion yen ($2.5 billion). A silver lining came as Japan's trade with its largest trading partner China steadily moved toward normalcy. China-bound exports in the month fell only 0.2 percent, while imports rose 0.8 percent from a year ago. Still, US-bound exports fell 46.6 percent, while imports dropped 12.6 percent. Exports to the European Union fell 28.4 percent while imports were 9.5 percent lower than a year ago. The dollar stood at 107.31 yen, compared with 106.97 yen in New York Friday. Among major shares, Sony rose 0.37 percent to 8,145 yen. Construction equipment maker Komatsu added 0.87 percent to 2,330. IT firm NEC, which is attempting to become a major player in 5G mobile technology, jumped 3.18 percent to 5,840. Toyota fell 0.16 percent to 6,802 yen. Uniqlo-operator Fast Retailing also fell 1.29 percent to 58,770 yen. hih/sah/qan
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